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FHA Loans in San Marino
San Marino is one of LA County's most exclusive cities. Most homes here price well above FHA loan limits, which cap at $806,500 in 2024.
FHA works for condos and smaller properties in the area. Single-family estates typically require jumbo or conventional financing instead.
Rates vary by borrower profile and market conditions. FHA pricing stays competitive when your credit sits between 580-680.
This loan type serves first-time buyers and those rebuilding credit. But San Marino's median prices push most buyers toward conventional programs.
You need 580 minimum credit for 3.5% down. Scores from 500-579 require 10% down, though few lenders approve those deals.
FHA allows 43% debt-to-income with standard approvals. Automated underwriting sometimes pushes that to 50% with compensating factors.
You can buy after bankruptcy in two years, foreclosure in three. Conventional loans make you wait longer with stricter credit overlays.
Income documentation follows standard employment verification. Two years of tax returns for self-employed borrowers, recent paystubs for W-2 earners.
Banks price FHA higher than brokers do. We access wholesale lenders who compete directly for your business with lower margins.
FHA requires upfront mortgage insurance of 1.75% plus annual premiums. These costs stay fixed regardless of which lender you choose.
Some lenders overlay FHA guidelines with stricter rules. They might require 620 credit when FHA allows 580, or reject certain condo buildings.
Shopping rates matters more with FHA than conventional. Quarter-point differences add up over 30 years, especially on loans near the conforming limit.
I rarely write FHA in San Marino because prices don't fit. When we do, it's usually a condo near Huntington Library under $750k.
Sellers here prefer conventional or cash offers. FHA appraisals flag minor repairs that San Marino sellers won't make, killing deals.
If your target price sits near $800k, compare FHA against conventional with 10-15% down. Conventional often wins even with mortgage insurance.
FHA makes sense when credit issues block conventional approval. But plan to refinance out of FHA insurance once your equity and credit improve.
Conventional loans drop mortgage insurance at 78% LTV. FHA charges it for the loan's life on most purchase transactions.
VA loans beat FHA if you qualify through military service. Zero down, no mortgage insurance, and higher loan limits in LA County.
Jumbo loans take over where FHA stops. Most San Marino purchases need jumbo financing for properties above conforming limits.
Conventional allows seller concessions up to 3-9% depending on down payment. FHA caps seller help at 6% of purchase price.
San Marino Unified School District drives home values beyond FHA reach. Families pay premiums for top-rated schools that FHA loans can't finance.
The city's strict building codes create appraisal challenges. FHA requires properties meet specific safety standards that older estates sometimes fail.
Condo inventory is limited here compared to neighboring Pasadena or Alhambra. Your FHA-eligible options shrink to a handful of buildings.
Property taxes average 1.1% but Mello-Roos and HOA fees vary widely. Factor these into your 43% debt ratio before assuming you qualify.
Technically yes, but most single-family homes exceed the $806,500 FHA limit. You'll find better options in condos or townhomes under $800k.
You pay 1.75% upfront plus 0.55-0.85% annual premium depending on loan amount and down payment. These costs don't vary by city.
Many prefer conventional or cash due to stricter FHA appraisal requirements. Compete by offering quick close timelines and minimal contingencies.
3.5% with credit scores 580 or higher. Scores between 500-579 require 10% down, though lender approval becomes difficult.
Standard FHA requires properties meet safety standards at closing. Use FHA 203k renovation loans for properties needing significant repairs.
FHA allows lower credit and smaller down payments. Conventional eliminates mortgage insurance faster and sellers prefer those offers.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.